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Marathon Oil (MRO) Crosses Pivot Point Support at $12.61

Aug 14, 2019 (SmarTrend(R) News Watch via COMTEX) --

Shares of Marathon Oil (NYSE:MRO) have bearishly opened below the pivot of $12.92 today and have reached the first support level of $12.61. Investors may be interested in a cross of the next downside pivot targets of $12.27 and $11.62.

Marathon Oil share prices have moved between a 52-week high of $24.20 and a 52-week low of $11.56 and are now trading 9% above that low price at $12.58 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has declined 0.2%.

Marathon Oil has overhead space with shares priced $12.58, or 43.8% below the average consensus analyst price target of $22.39. Marathon Oil shares should first meet resistance at the 50-day moving average (MA) of $13.50 and find additional resistance at the 200-day MA of $15.62.

SmarTrend recommended that its subscribers protect gains by selling shares of Marathon Oil on May 1st, 2019 by issuing a Downtrend alert when the shares were trading at $16.84. Since that call, shares of Marathon Oil have fallen 23.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

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